Estimates Widens for Sixth Consecutive Month
Gap between Home Appraisals and Owner Estimates Widens for Sixth Consecutive Month
• Quicken Loans’ National HPPI shows appraised values were 1.93% lower than homeowners estimated in May • Home values rose 0.63% nationally in May, with a 4.92% year-over-year increase, according to the Quicken Loans HVI
DETROIT, June 13, 2017 – Home values continue to lag owners’ expectations. Appraised values were an average of 1.93 percent lower than what homeowners expected, according to Quicken Loans’ National Home Price Perception Index (HPPI). The gap between estimated value and appraised value, on a national level, continued to widen for a sixth consecutive month.
Appraisals are falling farther from owner estimates, but they are rising higher each month. Home values rose an average of 0.63 percent in May, and increased 4.92 percent year-over-year, as measured by Quicken Loans’ National Home Value Index (HVI).